Mr. Dayton to Mr. Seward

No. 289.]

Sir: The within slip, cut from the London Daily News, will give you all further information as to the £3,000,000 “seven per cent. cotton loan” about to be negotiated in Europe. The chances for speculation, the sympathy for the south, and the belief in its ultimate success, will probably procure this loan to be taken.

The allegation is that Erlanger & Co., Frankfort, Germany, are the principal takers; but the reliance, without doubt, is mainly upon Liverpool, London, and Manchester. The son of Erlanger in Paris is counted upon to get off portions of the loan here. * * * * * * *

I am your obedient servant,


Hon. William H. Seward, Secretary of State, &c.

[Page 720]

[From The Daily News.]


Tuesday Evening.

The amount of business in the stock market to-day has again been very limited, apart from the completion of the fortnightly settlement in shares and foreign stocks. Speculation is checked by the uncertainty attaching to the Polish question, or diverted to the Italian and confederate loans and other new securities. The funds declined ⅛ per cent. this morning, but, afterwards recovered, and closed at yesterday’s prices. English railway stocks were rather heavy. As regards foreign stocks, the movements were for the most part confined to an improvement in Turkish consolidés and a decline in Greek.

It appears that the prospectus of the confederate government loan is to be issued to-morrow, through Messrs. John Henry Schroder & Co., of this city, the expected formal ratification and powers from the confederate government having arrived this day. The loan is to consist of £3,000,000 of seven per cent. bonds, to be offered at 90 per cent. It will be specially designated a “seven per cent. cotton loan;” and one of its peculiar features is that the bonds are to be exchangeable against cotton, the latter being taken at the fixed price of 6d. per pound. This arrangement is of course designed by way of attraction to the speculative appetite, for supposing it were possible to get the cotton away, and sell it at Liverpool at 12d. per pound, (which is less than half the present price,) the holder of a bond which has cost £90 might get from £180 to £200. In every respect, therefore, this is a very remarkable operation. The confederate government have agreed that the cotton shall be free from any additional export duties that may hereafter be imposed; and it is urged on behalf of the loan that the cotton hypothecated must be the first to reach the European market, inasmuch as the confederate government will possess a monopoly of the means of transport to the coast. As a matter of course, the security of the bondholders will depend entirely upon the ability of the South to maintain its independence.

The French Protestant Church and Mr. Davis’s Confederacy.

Six hundred and eighty-nine Protestant French ministers have signed an address, dated March 13, and attested by the reverend pastors Grand Pierre, G. Monod, Louis Rognon, Louis Pulsford, Fred. Monod, Eug. Bersier, to ministers of the gospel in this country, calling upon them, by the memory of British philanthropy and British religion, to exert themselves, that the influence of this country may be exerted, for the liberation of the slave. They say:

“No more revolting spectacle has ever been set before the civilized world than a confederacy, consisting mainly of Protestants, forming itself and demanding independence, in the nineteenth century of the Christian era, with a professed design of maintaining and propagating slavery—a confederacy which lays down as the corner-stone of its constitution the system of slavery as it exists at present in the southern States—a system which may be defined briefly as the right to treat man like cattle, and to commit adultery and murder with impunity. Setting aside all political considerations, can any Christian heart fail to be stirred to indignation at hearing the chief of that confederacy answering a decree of emancipation by an implied threat of extermination? The triumph of such a cause would put back the progress of Christian civilization and of humanity a whole century. It would make angels weep in heaven, and demons rejoice in hell. It would [Page 721] enable the friends of the slave trade and of slavery in all lands to hold up their heads, ever ready, as they are, to reappear at the first signal in Asia, in Africa, and even in the great cities of Europe. It would give a fatal blow to the work of evangelical missions. And what a frightful responsibility would rest on the church which should remain the silent spectator of such a triumph! If there is a peaceable means of hastening the end of the war, and of rendering its issue such as is desired by all the friends of humanity, is it not that the sincere Christians of Europe should give to the cause of emancipation a powerful testimony, which would leave to those who fight for the right of oppressing the slaves no hope of ever seeing those Christians give them the hand of fellowship? Ministers and pastors of all the evangelical denominations of England, Scotland, and Ireland, it is here we need your assistance. Take the lead, and let us call forth a great and peaceful manifestation of sympathy for the colored race so long oppressed and debased by Christian nations. Let us thus discourage the partisans of slavery. Let us strengthen and encourage those who wish to abolish it, at the same time disposing them to listen to our suggestions. It is in free England that such manifestations can be powerful. What may we not hope for if throughout Great Britain the voice of all the ministers of the crucified Saviour, and in France—our voice echoing theirs—pray and plead that soon there may no longer be in the United States a colored man that is not free and equal with the whites? May God grant it, and may his blessing rest alike on Great Britain and the United States, in Christ, the true liberator!”

Since the 13th instant the number of signatures of French pastors has been increased to seven hundred and eighty-nine.